Capital gain computation - adoption of value as deemed ...

Dispute Over Capital Gain Calculation: Incorrect Application of Section 50C and Section 50 by Tax Authorities on Asset Valuation.

July 28, 2022

Case Laws Income Tax AT

Capital gain computation - adoption of value as deemed consideration u/s. 50C as against the actual sale consideration - Even if Section 50 is to be applied as per the dictum of the AO, then full value of the consideration had to be reduced from the complete block of WDV i.e. all building (Jodhpur and Jaipur). However, the AO had reduced the WDV of Jodhpur in his assessment order where as he should have reduced the WDV of both the places of Jodhpur and Jaipur meaning thereby the AO has treated separate building from block of depreciable asset. In view of the matter, we feel that there has been lacuna on the part of the lower authorities in applying Section 50 of the Act, on building of Jodhpur. - AT

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Capital gain computation - adoption of value as deemed ...

Dispute Over Capital Gain Calculation: Incorrect Application of Section 50C and Section 50 by Tax Authorities on Asset Valuation.

July 28, 2022

Case Laws Income Tax AT

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